DTN Early Word Livestock Comments 07/22 06:13

DTN Early Word Livestock Comments 07/22 06:13 Two Influential Cattle Reports on Deck Live cattle just could not find solid support even though corn futures were significantly lower. Further cash business took place, but in line with what transpired Wednesday. Hogs were lower with the exception of August as it moved right in line with the index, posting triple-digit gains. Robin Schmahl DTN Contributing Analyst Cattle: Steady Futures: Mixed Live Equiv: $196.99 -$1.65* Hogs: Lower Futures: Lower Lean Equiv: $131.90 -$0.47** *Based on formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equiv. Index has been updated to depict recent changes in live cattle weights and grading percentages.) ** based on formula estimating lean hog equivalent of gross packer revenue. GENERAL COMMENTS: Live cattle closed in line with where it has been throughout the week. Cash action at $1.00 lower in the South and $2.00 lower in the North kept trading activity subdued. Traders were thinking ahead to the Cattle on Feed and Cattle Inventory reports to be released Friday. The reports will be released after the close, providing much for traders to think about over the weekend. Estimates for cattle on feed as of July 1 are 101.1%, placements at 94.7%, and marketings at 102.0%. Boxed beef prices were again lower with choice down $2.77 and select down $1.72. Weekly export sales were good at 23,800 metric tons (mt) with China as one of the main buyers. However, export sales have not been the focus of the market.